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Show cum TUffi OVER ILL 0FHI8 ASSETS Head of Involved Concern Will Not Participate in the Reorganization. XEKV YORK. Sept. 21. John Claflin, head of the H. B. Claflin company, is eliminated from any participation in the reorganization of that company aiut has turned over to the creditors all his personal per-sonal assets, including not only, his bank stock and holdings in dry goods corporations, corpora-tions, but his home at Morristown. N'. J., and his summer home in the Adirondacks, it was learned tonight. When the plan for the reorganization was given out tonight by James S. Alexander, Alex-ander, chairman of the noteholders' committee. com-mittee. Mr. Alexander stated that it is distinctly a creditors' reorganization plan In that they will have complete, charge of the management of the business. The creditors will receive Ifi per cent in cash and So per cent in three-year col-i lateral notes. Five trustees, who will hold all stock of "the new mercantile stores company and name its directors until the outstanding claims of 542,200.000 have been paid, will attend to the working out of the plan. They are James S. Alexander, president presi-dent of the National Bank of Commerce in New York; Ernest A. Ilamill, president presi-dent of the Corn Exchange National bank of Chicago: Philip Stockton, president of the Old Colony Trust companv of Boston: Bos-ton: John YV T. Nlrhols, of Minol. Hood-er Hood-er & Co.. New York, and Henry W Howe, of Lawrence & Co., New York. |